Understanding Solvency II, What is Different After January 2014 [NOOK Book]

Overview

It is always interesting when Americans discuss European laws and regulations.

This time, the U.S. Department of the Treasury's Federal Insurance Office (FIO) submitted to Congress a report on how to modernize and improve the system of insurance regulation in the United States.

It covers some interesting parts of the Solvency II directive of the European Union:

"Solvency II includes a provision by which the EC determines whether non-EU ...

See more details below
Understanding Solvency II, What is Different After January 2014

Available on NOOK devices and apps  
  • NOOK Devices
  • Samsung Galaxy Tab 4 NOOK
  • NOOK HD/HD+ Tablet
  • NOOK
  • NOOK Color
  • NOOK Tablet
  • Tablet/Phone
  • NOOK for Windows 8 Tablet
  • NOOK for iOS
  • NOOK for Android
  • NOOK Kids for iPad
  • PC/Mac
  • NOOK for Windows 8
  • NOOK for PC
  • NOOK for Mac
  • NOOK for Web

Want a NOOK? Explore Now

NOOK Book (eBook)
$0.99
BN.com price

Overview

It is always interesting when Americans discuss European laws and regulations.

This time, the U.S. Department of the Treasury's Federal Insurance Office (FIO) submitted to Congress a report on how to modernize and improve the system of insurance regulation in the United States.

It covers some interesting parts of the Solvency II directive of the European Union:

"Solvency II includes a provision by which the EC determines whether non-EU regulatory systems provide a similar level of protection to policyholders as would the Solvency II regime, and are therefore "equivalent" to Solvency II
The equivalence assessment would be based on three criteria, two of which relate to group supervision and one of which relates to reinsurance supervision.

Insurers in "equivalent" jurisdictions would be able to access the EU market, and EU-based insurers would be able to access non-EU markets, without the imposition of additional capital requirements or restrictions.

Insurers in non-equivalent jurisdictions would need to undertake structural changes to "ring-fence" European assets from non-EU assets, including, for example, the creation of separate holding companies within EU jurisdictions.

Interesting!

The report continues:

"Solvency II will soon be adopted by the European Parliament as part of an omnibus legislative package, with a scheduled implementation date of 2016.
Notably, despite the previous delays with adoption in the EU, components of Solvency II have been adopted in other countries, including China and Mexico.

Broadly structured around the three pillars of capital, supervision, and disclosure, Solvency II would require adherence to RBC requirements at both the individual regulated entity and group levels, whether pursuant to a standardized formula or based on the insurer's own internal models subject to supervisory review.

As originally formulated, Solvency II would have been particularly consequential for the U.S. insurance sector because of its requirement for unilateral assessments of insurance regulation in other jurisdictions (including the United States) and because it would impose solvency requirements on insurers doing business in the EU to the extent the home jurisdiction's requirements are deemed to be unsatisfactory in comparison to Solvency II.

Through the EU-U.S. Insurance Project, the EU and the United States have committed to a collaborative work plan that will enhance understanding and cooperation and, where appropriate, promote greater consistency between the two jurisdictions.

Thus, the orientation of the discussion has been altered by virtue of the EU-U.S. Insurance Project which will lead, where appropriate, to the increased convergence and compatibility of the two insurance regulatory regimes.

Finally, in the United States, in December 2012, state regulators released a Solvency Modernization Initiative (SMI) Roadmap, which they describe as a critical self-examination designed to update the states' approach to solvency oversight.

Among the areas reviewed are capital requirements, governance and risk management, group supervision, statutory accounting and financial reporting, and reinsurance.

The SMI Roadmap also reports state regulators completed adoption of the Risk Management and Own Risk Solvency Assessment (ORSA) Model Act, which comprises enterprise risk management requirements and standards for insurers, together with the ORSA Guidance Manual."

Read More Show Less

Product Details

  • BN ID: 2940045668286
  • Publisher: George Lekatis
  • Publication date: 1/28/2014
  • Series: Understanding Solvency II , #11
  • Sold by: Smashwords
  • Format: eBook
  • File size: 720 KB

Meet the Author

George Lekatis is the General Manager of Compliance LLC, a leading provider of risk and compliance training and executive coaching in 36 countries.George has more than 17,000 hours experience as a professional speaker and seminar leader. He has worked for more than 18 years as a management consultant and educator and has demonstrated exceptional presentation and communication skills.George is the president of the Basel ii Compliance Professionals Association (BCPA, basel-ii-association.com), the largest association of Basel ii professionals in the world, and the Basel iii Compliance Professionals Association (BiiiCPA, basel-iii-association.com), the largest association of Basel iii professionals in the world.George is also president of the Sarbanes Oxley Compliance Professionals Association (SOXCPA, sarbanes-oxley-association.com), the largest Association of Sarbanes Oxley professionals in the worldGeorge is an expert witness, qualified to investigate and testify about risk and compliance management standards, policies, procedures, best practices, due care and due diligence.
Read More Show Less

Customer Reviews

Be the first to write a review
( 0 )
Rating Distribution

5 Star

(0)

4 Star

(0)

3 Star

(0)

2 Star

(0)

1 Star

(0)

Your Rating:

Your Name: Create a Pen Name or

Barnes & Noble.com Review Rules

Our reader reviews allow you to share your comments on titles you liked, or didn't, with others. By submitting an online review, you are representing to Barnes & Noble.com that all information contained in your review is original and accurate in all respects, and that the submission of such content by you and the posting of such content by Barnes & Noble.com does not and will not violate the rights of any third party. Please follow the rules below to help ensure that your review can be posted.

Reviews by Our Customers Under the Age of 13

We highly value and respect everyone's opinion concerning the titles we offer. However, we cannot allow persons under the age of 13 to have accounts at BN.com or to post customer reviews. Please see our Terms of Use for more details.

What to exclude from your review:

Please do not write about reviews, commentary, or information posted on the product page. If you see any errors in the information on the product page, please send us an email.

Reviews should not contain any of the following:

  • - HTML tags, profanity, obscenities, vulgarities, or comments that defame anyone
  • - Time-sensitive information such as tour dates, signings, lectures, etc.
  • - Single-word reviews. Other people will read your review to discover why you liked or didn't like the title. Be descriptive.
  • - Comments focusing on the author or that may ruin the ending for others
  • - Phone numbers, addresses, URLs
  • - Pricing and availability information or alternative ordering information
  • - Advertisements or commercial solicitation

Reminder:

  • - By submitting a review, you grant to Barnes & Noble.com and its sublicensees the royalty-free, perpetual, irrevocable right and license to use the review in accordance with the Barnes & Noble.com Terms of Use.
  • - Barnes & Noble.com reserves the right not to post any review -- particularly those that do not follow the terms and conditions of these Rules. Barnes & Noble.com also reserves the right to remove any review at any time without notice.
  • - See Terms of Use for other conditions and disclaimers.
Search for Products You'd Like to Recommend

Recommend other products that relate to your review. Just search for them below and share!

Create a Pen Name

Your Pen Name is your unique identity on BN.com. It will appear on the reviews you write and other website activities. Your Pen Name cannot be edited, changed or deleted once submitted.

 
Your Pen Name can be any combination of alphanumeric characters (plus - and _), and must be at least two characters long.

Continue Anonymously

    If you find inappropriate content, please report it to Barnes & Noble
    Why is this product inappropriate?
    Comments (optional)